Tillman Private Equity Services, a fund administrator for private equity and SBIC funds, has named Chris Rakers as managing director to lead the firm’s fund administration and outsourced CFO business. Previously, Rakers worked at NAV Fund Administration Group where he was senior manager. Tillman is owned by E78 Partners LLC.
E78 Partners, LLC ("E78") today announced that it has acquired Tillman Private Equity Services, LLC ("Tillman").
Founded in 2014, Tillman is a St. Louis, MO based provider of outsourced fund accounting and operational services to private equity firms across North America. Tillman has extensive experience working with both existing and first-time funds, varying in size and investment strategy. Tillman has a tremendous amount of expertise working with Small Business Investment Companies, developed through years of experience with clients in all stages of a fund's lifecycle.
John Signa, managing partner of E78 commented, "Our group is excited to lead Tillman through the next stage of growth and solidify its position as the go-to firm for private equity solutions. We welcome the Tillman team to our family and are excited to bring our capital and focus to expanding the suite of services to Tillman clients."
"Joe Bartek and the Tillman senior management team have built strong, long-standing relationships with PE clients by providing exceptional client-service and unparalleled fund administration support. I have had the pleasure of working with the team and their clients since late last year to ensure this partnership would provide our clients a seamless transition," noted Gary Modrow, Principal of E78.
Tillman will partner with Element78 Advisors, a professional services firm providing senior-level finance, accounting, and strategic advisory services to middle-market, private equity-owned portfolio companies. Through the business combination, the firms will provide PE sponsors, and their portfolio companies, an unmatched level and breadth of service and expertise.
E78 Partners today announced the formation of a new platform investment in the health & wellness market, and the simultaneous acquisitions of two Chicagoland Massage Envy (“ME”) locations by E78 Benessere, LLC (“Benessere”). Benessere is a management service organization formed to provide clinic support services to massage therapists and skincare specialists working with its franchise-owned ME locations.
“We’re leveraging our experience as executives and operators of several MSOs in the healthcare industry and applying the same practices to Benessere’s acquired ME clinics,” said John Signa, co-founder and Managing Partner of E78 Partners. “With our management team in place, over the next several years we will seek to acquire several more existing franchised locations in the Chicagoland area and focus on employee and member satisfaction through our continued investment in talent, commitment to building strong culture and providing best in-class operational support."
“As we evaluated entry points into the $390 billion health and wellness industry, we landed on ME as the leading provider of therapeutic massage and skincare services, and proprietary assisted stretching services,” said Gary Modrow, Principal of E78 Partners. Benessere’s two award winning clinics will serve as a platform for future acquisitions. “We are especially proud of the management teams at Shorewood and Plainfield (IL),” said Michelle Signa, VP of Operations for Benessere. “Rose Clancy and Beth Diaz have done an admirable job building a culture and environment that inspires employees and creates a warm, welcoming and safe setting for customers to enjoy the benefits of massage and skin therapy.”
About Massage Envy
Founded in 2002, ME is a nationwide wellness franchise providing massage and skin care services. ME is the category leader and has made therapeutic massage services and skin care solutions accessible to a network of more than 1.65 million members in franchised locations across the United States. ME employs over 25,000 therapists and estheticians, has approximately 1.65 million members and 1,300 franchise locations nationwide. https://www.massageenvy.com/
E78 Partners (“E78”), a Chicago-based private equity sponsor focusing on lower-middle market specialty businesses, announces the formation of the firm. Founded by John Signa, Adam East and Gary Modrow, E78 seeks to make control investments in niche companies focused on business process outsourcing, professional services, healthcare services, building services, and specialty manufacturing and distribution companies within the Midwest. The E78 team has wide ranging experiences leading companies through various growth events, including financial recapitalizations, add-on acquisition strategies, targeted business development campaigns, back-office development, and management reorganizations.
E78 has extensive expertise in deal sourcing, strategic planning, execution of value creation plans, executive recruiting, fund and corporate finance, acquisition integration, and corporate governance. In addition, the firm continually seeks to engage industry executives and operating partners to help implement growth strategies, infrastructure development, and operational improvement. Uniquely, E78 principals often serve in interim leadership roles to ensure value creation strategies are executed from day one.
“We seek to partner with and augment experienced management teams to implement business-improvement strategies focused on infrastructure development, technology leveraged business process efficiency, and leadership team development. We look to execute on growth strategies such as the addition of new products and services, as well as new market entry,” added Managing Partner John Signa.